A financial analyst has been following Bluestar Bhd, a new high-growth company.She estimates that the current risk-free rate is 6.25 percent, the market risk premium is 5 percent, and that Biostar Inc beta is 1.75.The current earnings per share (EPS₀) isRM2.50.The company has a 40 percent payout ratio.The analyst estimates that the company's dividend will grow at a rate of 25 percent this year, 20 percent next year, and 15 percent the following year.After three years the dividend is expected to grow at a constant rate of 7 percent a year. The company is expected to maintain its current payout ratio.The analyst believes that the stock is fairly priced.What is the current price of the stock?

Note: Div₀= EPS₀x Div Payout Ratio